- All eyes would now be on the upcoming Fed Meeting on November 1.
- At the time of writing, BTC is trading at $30,645, up 2.86% in the last 24 hours.
Inflows of $66 million have been reported in crypto investment products for the fourth consecutive week, as hopes build that the United States SEC would approve a spot Bitcoin ETF. This recent infusion brings the total amount of funds in crypto investment products to $33 billion.
Many cryptocurrencies have lately reached monthly highs, signaling a positive trend in the cryptocurrency market. Bitcoin also has been performing exceptionally well with a price increase to almost $31,000 as per data from CoinMarketCap — a level not seen since mid-July of this year.
Significant Surge
The general uptick in the market indicates that investors are no longer worried about geopolitical and other macroeconomic challenges. The last readings of the month will carry more weight in anticipation of the Federal Reserve’s interest rate announcement on November 1.
At the time of writing, BTC is trading at $30,645, up 2.86% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is up 23.06%. Amid the ongoing bull run, the price is up 10.32% in the last 7 days.
If the price manages to go past $31,520 resistance level, then a strong rally towards $46,100 is highly likely. Although the price is expected to face strong resistance at the $31,520 mark.
On the other hand, if price goes below $29,510 support level, then it will likely decline further to test the $28,230 support level. Breaking this level, will likely take the price towards $26,650 level. All eyes would now be on the upcoming Fed Meeting on November 1.
